Meticulous Research® Releases Comprehensive Market Report
Meticulous Research®, a renowned global market research company, has published an extensive report titled, “Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS), Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User – Global Forecast to 2030.”
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Market Growth Forecast
The NGS informatics market is projected to grow to $4.3 billion by 2030, at a CAGR of 15.4%. This growth is fueled by increased investments in R&D by pharmaceutical and biotechnology companies, rising rates of cancer and genetic disorders, advancements in NGS applications, and government initiatives for genomic sequencing projects. However, concerns regarding data confidentiality could hinder growth.
Opportunities and Challenges in the Market
The rising use of NGS informatics tools in clinical laboratories, along with growing demand for genomic data management solutions, presents significant opportunities. Nevertheless, a notable challenge is the shortage of skilled professionals to effectively utilize NGS tools.
Market Segmentation Insights
The NGS informatics market is categorized by offerings (software, services), applications (diagnostic, drug discovery), end users (pharmaceuticals, hospitals), and geographic regions. The software segment is expected to lead the market in 2023 due to its ability to efficiently handle large genomic datasets.
Application-Specific Trends
In terms of applications, drug discovery is projected to dominate the market in 2023, driven by declining sequencing costs and NGS’s capability to identify mutations associated with genetic disorders.
End User Analysis
Among end users, pharmaceutical and biotechnology companies are expected to lead in market share in 2023, attributed to their extensive R&D activities and reliance on sequencing data.
Geographic Market Review
The report includes a thorough analysis of key geographic regions, with North America anticipated to capture the largest share of the NGS informatics market, fueled by increased R&D spending and favorable policies for genomic research.
Conclusion
The NGS informatics market is poised for significant growth, supported by technological advancements and expanded applications in healthcare. Addressing data privacy concerns and developing a skilled workforce will be crucial for maximizing the market’s potential.
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Key Players
The key players operating in the next generation sequencing (NGS) informatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Sapio Sciences, LLC (U.S.), DNASTAR, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), Partek Incorporated (U.S.), and DNAnexus, Inc. (U.S.).
Key questions answered in the report:
Which are the high-growth market segments in terms of offering, application, end user, and region/country?
What was the historical market size for next generation sequencing (NGS) informatics across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, challenges, and opportunities in the global next generation sequencing (NGS) informatics market?
Who are the major players in the global next generation sequencing (NGS) informatics market?
How is the competitive landscape, and who are the market leaders in the global next generation sequencing (NGS) informatics market?
What are the recent developments in the next generation sequencing (NGS) informatics market?
What are the different strategies adopted by the major players in the next generation sequencing (NGS) informatics market?
What are the geographical trends and high growth regions/countries?
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Exploring the Future of NGS Informatics Market at .3 Billion by 2030